Pivotal Therapeutics Announces 2011 Financial Results
(firmenpresse) - WOODBRIDGE, ONTARIO -- (Marketwire) -- 04/30/12 -- Pivotal Therapeutics Inc. (OTCQX: PVTTF)(CNSX: PVO), a specialty pharmaceutical company with a focus on the treatment of cardiovascular disease, today announced its operational highlights and financial results for the fiscal year ended December 31, 2011. All dollar amounts referenced herein are in Canadian dollars unless otherwise stated.
Financial Review
The period of twelve months ended December 31, 2011 represents the Company's first annual filing, as an amalgamated entity, and its first full year of operations. Comparative figures are for the three months ended December 31, 2010, as the Company was not in operation prior to October 1, 2010. The loss for the year ended December 31, 2011 was $3.8 million, or $0.06 per common share, compared with a loss of $195 thousand, or $0.01 per common share for the three months ended December 31, 2010.
At December 31, 2011, Pivotals' cash position totaled $1.6 million, compared with $1.3 million at December 31, 2010. The increase in cash during the year ended December 31, 2011, is due primarily to the successful exercise of 10,466,392 common stock purchase warrants for net proceeds of $2,616,598.
The audited consolidated financial statements, accompanying notes to the audited thereto and Management's Discussion and Analysis for the year ended December 31, 2011, will be accessible on Pivotal's website at and on SEDAR.
Highlights from 2011:
Highlights Subsequent to Year-end:
Pivotal's Goals for 2012
Notice of Annual General Meeting
Pivotal Therapeutics Inc. will hold its Annual General Meeting of Shareholders at 10:00 AM on May 29, 2012 at the registered office of the Company, 81 Zenway Blvd., Unit 10, Woodbridge, Ontario.
About Pivotal Therapeutics Inc.
With offices in Toronto, Canada and Boca Raton, Florida, Pivotal Therapeutics is a publicly traded (OTCQX: PVTTF)(CNSX: PVO) specialty pharmaceutical company with a focus on the treatment of cardiovascular disease and overall health. Pivotal Therapeutics' lead product VASCAZEN™ is a prescription only medical food formulated to meet the dietary Omega-3 deficient needs of patients with cardiovascular disease through elevating Eicosapentaenoic (EPA) and Docosahexaenoic (DHA) to levels associated with reduced risk of cardiovascular complications.
VASCAZEN™ is a greater than 90% pure, proprietary EPA:DHA fatty acid formulation, protected by a series of both issued and pending US and foreign patents and commercialized by prescription only. This unique formulation will provide the cornerstone upon which a family of cutting edge combination products, with efficacy across a broad spectrum of cardiac care, will be commercialized.
OMAZEN™ is a greater than 90% pure, proprietary EPA:DHA fatty acid formulation commercialized for sale and distribution in Canada for the maintenance of good health through elevating Omega-3 fatty acid levels. The unique formulation and dosage will be available to patients and consumers who realize the health benefits of Omega-3 supplementation with a quality product.
Disclosure Notice
The information contained in this document is as of April 30, 2012. This press release contains forward-looking statements. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause Pivotal's actual results to differ materially from those projected in such forward-looking statements. These statements can be identified by the use of words such as "will", "anticipate", "estimate", "expect", "project", "forecast", "intend", "plan", "believe", "project", "potential", and similar expressions with any discussion of future operating or financial performance or events. In particular, factors that could cause actual results to differ materially from those in forward looking statements include the following: Pivotal's inability to obtain additional financing on acceptable terms; growth in costs and expenses; inability to compete with others who provide comparable products; risk that the Company's products will not gain widespread market acceptance; risks relating to the Company's ability to maintain its CSNX listing. Forward-looking statements speak only as of the date made and are not guarantees of future performance. The Company undertakes no obligation to publicly update or revise any forward-looking statements contained in this document as a result of new information or future events or developments.
Contacts:
Investor Relations Contact: The Shoreham Group, LLC
Timothy J. Ryan
Managing Director
212-242-7777
Company Contact: Pivotal Therapeutics Inc.
Rachelle MacSweeney
President
905-856-9797
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Datum: 30.04.2012 - 17:09 Uhr
Sprache: Deutsch
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